President Obama spelled out what he's demanding from republicans in order to reach a deal.

"We have more strategic cuts on programs we don't need, and we close some tax loopholes that are taken advantage of only by the well-connected and the well-off," he explained.

Republicans say the president already won tax hikes on the rich.

"He just got six weeks ago revenue with no spending cuts, and that was written into law. Fair enough. Now, it should be spending cuts with no revenue. That's the real balance," argues Oklahoma's Rep. Tom Cole.

Experts say it would be a month before air travel delays became severe.